The United States could potentially produce as many as 15 billion bushels of corn from a projected 92 million acres in 2023. Demand for that corn could rebound from 2022. But inflation and potential recession in export markets could tighten margins and dampen the outlook for 2023 and beyond, says Chad Hart, a professor of economics at Iowa State University.
Several states already have or are considering reduced-carbon fuel standards. If such standards are adopted in the Midwest there could be increased demand for renewable diesel. The diagram’s solid circles show already-built facilities that make either renewable diesel or sustainable aviation fuel or both. The open circles indicate facilities that are proposed or are under construction. Not all of them will be built, but there will be enough to use every bushel of soybeans.
Lynn Grooms writes about the diversity of agriculture, including the industry’s newest ideas, research and technologies as a staff reporter for Agri-View based in Wisconsin.
The business news you need
Get the latest local business news delivered FREE to your inbox weekly.